Breakfast News - AIM Breakfast : Ariana Resources plc, Active Energy Group PLC, Avation PLC, Bluerock Diamonds Plc, Falcon Media House, Fastjet PLC, Proteome Sciences plc, Proxama PLC, Ten Entertainment Group PLC, The TEG Group


What’s cooking in the IPO kitchen?


Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised.  Mkt Cap c. £57.8m.

AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July.

Angling Direct  -Schedule 1  from the specialist fishing tackle retailer in the UK . Offer TBA. Expected  mid July.

NEXUS Infrastructure—Offer TBA.  Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m.

Tatton Asset Management –Sch 1. Provider if services to FCA authorized financial advisers. Raising £10m at 156p. Secondary offer £41.6m. Due 6 July.

GYG—Intention to float by the superyacht painting, supply and maintenance company. Due 5 July. Raising £6.9m new plus vendor sale of £21.5m at 100p. Mkt Cap c. £47m.  Revenue of €54.6m in FY16 and adjusted EBITDA of €6.7m.

Greencoat Renewables  - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland.  Offer TBC. Due Mid July.

QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017.  Offer TBA

I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK.  Offer TBC, 7 June admission.

Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p.  Admission late June

Main Market Standard Listing

Rockpool Acquisitions—Northern Ireland based Company seeking  strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July.

Main Market Premium Listing

Hipgnosis Songs Fund investment company  offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published.

Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00

Residential Secure  Income -  social housing REIT  raising up to £300m Admission due c.12 July.

Curzon Energy—Report on Proactive Investors of intended LSE float this year  with acquisition of  coal bed methane assets in Oregon. Looking to raise £3m plus.

NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June.

Kuwait Energy— $150m raise plus vendor offer. Admission due June.  2p reserves 810.0 mmboe

Main Market Specialist Funds

Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.


Breakfast buffet

Avation (LON:AVAP) 211p £132.92m

Trading update from the commercial passenger Aircraft leasing company. The Company's leasing business is operating in line with expectations. For the year ended 30 June 2017 management estimates revenues will be US$94 million (unaudited) with a margin for error of 0.5%. Management estimates that leasing revenue has increased year on year by approximately 32%. Acquiring an additional Airbus A321 narrow body jet and soon to take delivery of a new ATR 72-600.  Its 29th such acquisition.  Recently completed the issue of a US$20 million 'tap' under the previously announced US$500 million Global Medium Term Note. Interim divi up 85% to 3.25c. Previously announced sale of 6 aircraft has completed releasing $31 million in net proceeds to the Company after costs and associated debt repayments.

Proteome Sciences (LON:PRM) 4.3p £12.6m

First result from Randox  prospective trial using its Rapid Stroke Array at the EuroMedLab 2017 meeting in Athens earlier this month. This is a novel diagnostic test designed to improve the clinical management of stroke and is based on multiple biomarkers some of which have been licensed from Proteome Sciences. In a study of 192 individuals, led by Dr. Konstantinos Makris of KAT General Hospital, Athens, Greece, the Randox Rapid Stroke Array showed excellent performance in identifying stroke from mimic conditions and healthy controls, and in differentiating between ischaemic and haemorrhagic strokes. Expecting £100k milestone payment. FYDEC17E rev £4,1m and £1.9m PBT.

Active Energy Group (LON:AEG) 3p £22.86m

FY Dec 16 results form the forestry management and biomass based renewable energy business. Progress being made in actively restructuring the Group, expanding its international reach and adjusting risk the profile to build shareholder value. Raised in excess of US$20m in debt and equity over the last 18 months including US$14.15mil­lion via the issue of convertible loan notes to new and existing investors, with proceeds used to fund the construction of the first CoalSwitch plant. Revenue of US$19.2million (2015: US$24.4million) and the Group's loss before tax was reduced to US$2.3million (2015: 5.5million).

Fastjet (LON:FJET) 16.28p £55.07m

Trading update for period from 1 January from the low-cost African airline. Updating on the stabilisation programme the Company commented “These steps are having the desired effect and accordingly fastjet aims to achieve a cashflow break-even position for the final quarter of 2017.”  Has also entered into an agreement with easyGroup Holdings Ltd to acquire all intellectual property rights associated with the fastjet brand for a total consideration of $2.5 million, to be satisfied in cash, resulting in saving to the Company over the next 5 years. FYDec17E rev £32.56m and £10.94m loss

Falcon Media House (LON:FAL) 14.50p £8.17m

The global digital media group focused on the over-the-top ('OTT') market, has  launched a dedicated sports OTT service with The Eastern College Athletic Conference ('ECAC'), the largest US east coast collegiate athletic college conference comprising approximately 250 schools.  The collaboration, branded the ECAC Network, will offer sports fans, families and friends the chance to live stream more than 30 men's and women's college sports, as well as view a wide range of on-demand lifestyle content. The service uses Quiptel Q-Flow software to offer a seamless, buffer-free experience anywhere, anytime on a broad variety of devices. Teevee Makers, which is a new breed TV production company and part of Falcon Media House Group, will manage all content .

BlueRock Diamonds (LON:BRD) 2.75p £19.39m

FY Dec 16 results from the diamond mining company with activities in the Kimberley region of South Africa. “Early indications are that our new team have established a plant at Kareevlei that is capable of operating profitably. It was always our intention to use Kareevlei as a first asset before growing BlueRock into a multi asset company and we are exploring other opportunities now that we are nearing a steady state operation at our existing facilities.” Production nearing normalised levels but some investment required. Seeking asset financing from a shareholder. Other assets under consideration. Loss before tax of £495k (2015: £1.1m) on turnover of £239k. Cash balance was £291k Since the year end the Company has raised an additional £366k. 

Ten Entertainment (LON:TEG) 163.25p £106.28m

One of the UK's leading ten-pin bowling operators, has acquired 10 Bowl in Rochdale, Greater Manchester, marking the Company's first acquisition since IPO 2017 and its third acquisition of the year. The acquisition follows the Company's purchase of The Lanes in Eastbourne in February and Bowlplex in Blackburn in January, both of which are undergoing TEG's 'Tenpinisation' re-development and enhancement programme and are now operating under the Tenpin brand.  FYDec17E rev £72.1m and £13.2m PBT.

Proxama (LON:PROX) 0.158p £3.49m

The mobile location and data intelligence expert is seeking a placing of £1.2m+ with an open offer of up to £4.1m all at 0.145p.  Seeking to settle the £2.5m facility with Barclays and proposes the conversion of 600,000 loan notes. The Board is delighted to report the appointment of Mark Slade and Dan Francis, who will join the Board as Managing Director and Chief Strategic Officer, respectively, upon Admission. David Bailey stood down as a non-executive director on 29 June 2017.

Ariana Resources (LON:AAU) 1.38p £13.93m

Operational update on Kiziltepe. Processing plant operating to design specifications, with mill availability having increased to over 97% during June 2017. Process recoveries of gold and silver are continuing to trend considerably higher than feasibility-study expectations and leach times remain faster than predicted. Grade of ore produced from the open-pit is continuing to increase with target grades of >3 g/t gold and >40 g/t silver expected to be met from July 2017 onwards. Approximat­ely 1,930 oz gold and 14,520 oz silver has been sold by the refinery to date; Further doré pour of up to 354 oz gold and 3,215 oz silver expected today, completing production during June 2017; gold and silver in circuit after this pour will be 621 oz and 9,064 oz respectively.

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